Royal Bank of Canada Essay Example

RBC (Royal Bank of Canada) was established in 1864 in Nova Scotia, Halifax. Its corporate headquarters are in Ontario, Toronto. RBC (Royal Bank of Canada) is one of the largest banks that has 78,000 around the world and serves clients that are over 16 million. RBC (Royal Bank of Canada) has two main types of research methods which include qualitative and quantitative techniques. In that regard, Qualitative research generates data which is non- numerical as compared to quantitative research that generates information or data in numerical. Quantitative research uses the approach, which is more of data led and logical. Unlike the Qualitative research, which is more of people focused their feelings, thinking and reasons for making individual choices. In such terms, in quantitative research measures of what individuals think from a statistical point of view are provided. Concerning the RBC (Royal Bank of Canada)s quantitative research, data is collected to an enormous amount, which is manipulated and organized efficiently into analysis reports. Therefore, this topic will entirely cover the quantitative and qualitative research methods. Qualitative analysis, the model of economic analysis, Demand and supply analysis, cost and prots; sales and projected sales; the role of advertising; the role of technological change, globalization, and trade potential.Qualitative methods

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The quantitative methods that are used by the RBC (Royal Bank of Canada) for research include surveys, questionnaires, and polls. In such terms, these quantitative methods mostly emphasize on numerical, or mathematical, statistical analysis and objective measurements of data collected. RBC (Royal Bank of Canada) use research methods in developing hypotheses or ideas or provide insights to the problem for the quantitative research, which is potential. In most cases, the RBC (Royal Bank of Canada) use surveys, and questionnaires methods are used for data collection. These surveys and questionnaires contain set questions and answers that are in a predefined selection where the respondents thick from (Dwyer, 2012). The answers given are measured in numbers like scales or strong disagree or agree on which comes out of the interviewees strength of feelings.`

Also, the RBC (Royal Bank of Canada) uses other quantitative tools such as simulations, payback analysis, and decision trees, which assists mostly in the process of organizational decision-making. In such terms, Simulation is a general word that indicates various forms of activity that try to imitate the previous situation or system in a simple manner. It is all about the model building where the simulator tries to get understanding through manipulation and replication of something by adjusting model-building variables. Simulation is the best quantitative tool in organizations like the RBC (Royal Bank of Canada) to which managers use in decision-making (Martin & Bridgmon, 2012). With simulation, no guesswork can be done in evaluation of alternatives because in decision making it has great potential. In that regard, managers are in the best position to make effective decisions through simulation of alternatives and prediction of their outcomes during the process.

The RBC (Royal Bank of Canada) considers Payback analysis worthwhile if the benefits outweigh the costs. It is mostly needed in the process of organizational decision-making. In that regard, a manager of The RBC (Royal Bank of Canada) may decide to purchase a car for the bank by taking into consideration certain factors. Such as the demand for the car, its insurance cost, its repair and warranty record, and the cars expected useful life (Daim, Oliver, & Kim, 2013). Regarding the gathered information, a manager is in the best position to rank alternatives as per the price of each car. In that case, a car of higher price can be considered more appropriate depending on its customer demand and longer life. Therefore, it is the responsibility of a manager to use the strategy to decide on an alternative whose initial cost has the quickest payback.

Moreover, A decision tree is the best quantitative tool that most managers of The RBC (Royal Bank of Canada) utilize in the process of decision-making. A decision tree displays out a complete potential resolution picture that enables managers to graph different decision paths. Decision trees are convenient ways of analyzing similar decisions, price, equipment purchases, and investments, marketing, and hiring. Decision trees are always useful in evaluating decisions that are under risk conditions. Managers explicitly determine the outcome of different alternatives and analyses the situations associated with the decisions of the future. In such terms, decision trees are the flexible method. They are used in many situations that require emphasis to be placed on alternatives highlighting, the probability of different conditions, or subsequent decisions. In that case, Quantitative techniques assist a manager to improve the overall decision-making quality. These techniques are frequently used in the logical or rational decision model, however, can be applied as well to other models. In that regard, they are more efficient in the organization during the decision-making process. Other quantitative research tools that the RBC (Royal Bank of Canada) employs in data collection include analytical techniques, mobile, in-person, online and telephone surveys.

For the last one year, the stock value has changed by +2.69 or 3.51%, meaning that there has been an upward trend in the banks market value. This means that the bank can quickly achieve its targeted objectives and remain competitive in the market. Additionally, as shown in the figure below, there has been a promising growth rate between January and July of 2016, meaning that the management is effective in the process of achieving its projected objectives. It, therefore, means that there is a high rate of effectiveness in the banks operations and a possibility of maximizing on their strengths while looking for strategies to curb the weaknesses.

Source: The Royal Bank of Canada

Qualitative methods

The RBC (Royal Bank of Canada) employ qualitative methods where coding is used for data analysis. Coding is a process of grouping responses of the interviewees into categories that bring similar discovered themes, concepts, or ideas together. The qualitative analysis consists the model of economics. In that regard, Qualitative economics is the analysis and representation of information towards the direction of change in some of the variable of economics. For the case of non-zero, what makes qualitative change is the direction and not magnitude. Qualitative economics typical exercises include comparative equilibrium-growth, which is found in the growth model of macroeconomics and static comparative changes in macro or microeconomics. Qualitative change is explained by letting GDP, which is a measure of national income represent gross domestic product M be money supply and T total taxes. Positive relationship hypothesized by monetary theory to between an independent and a dependent variables M and GDP respectively. The functional relationship is [GDP f (M) or df (M)] > 0

D (m)

This is when GDP increases.

A companys competitive advantage and business model are the qualitative analysis key components, which gives the firm a leg up to ensure its rivals and reduce a barrier to entry.

The bank outperformed the headline index set by the Canadian equity market, S&P TSX, by 3.33% in the last year, showing a positive impact and possible dominance in the banking sector. This will enable the management to be able to achieve the overall organizational objectives, a strategy that will make it possible for it to continue gaining recognition in the competitive market. It should be noted that the bank deals with various businesses including investments, insurance, loans, and credit cards. Once the bank has gained a significant market share, it will be possible for it to maximize its returns and eventually achieve its long-term objectives. Another important sign of the banks success is the gaining in share value for the last five years. The banks stock value has increased by 3.47% for the previous five years, meaning that the market variables of demand and supply have been managed effectively for the benefit of the bank. Te able leadership can be attributed to all these successes and the ability of the management to set achievable and realistic objectives. Even if the bank started its operations in 2016 on a low note, there has been a positive development in its activities and performance, making it possible to achieve the preset objectives.

Source: Toronto Stock Exchange

In demand and supply analysis, the RBC (Royal Bank of Canada) is short of employees it devises recruitment strategies that are effective in order to achieve objectives of the business. Other considerations relate to reward programs, remuneration, work options that are flexible, career development, and job design (Moon, 2013). If there is, too many employees in the bank effective strategies are employed to manage dismissals, redundancies, and retirements. In that regard, it is important for the RBC (Royal Bank of Canada) to have a significant Workforce planning. This will assist the bank to plan their limit and growth situations where there is wrong skill sets or too few or many employees. The Workforce planning helps bank owners to see how employees are helpful towards the achievement of the strategic objectives of the business.

The RBC (Royal Bank of Canada) use cost and profit qualitative analysis to reduce the number of employees hence leading to a goal of reducing costs. Marketing research of the RBC (Royal Bank of Canada) is an essential element of which shows the business well-planned advertising process (Aaker & Biel, 2013). Companies are essentially guessing, assuming, or speculating on the types of messages, which will have strong weight to their audiences when there is no research to analyze. In that case, the role of advertising is to persuade. Therefore, qualitative and quantitative research help marketers to get useful information for interpretation. Qualitative research is more of behavior, opinion, or thought based, so its information needs to be extracted deliberately. Qualitative researchers commonly use focus groups. Due to that in advertising, at all stages of campaigns, focus groups are used.

References

Daim, T., Oliver, T., & Kim, J. (2013). Research and Technology Management in the Electricity Industry: Methods, Tools and Case Studies. Dordrecht: Springer.

Dwyer, Larry, Gill, Alison, Seetaram, & Neelu. (n.d.). Handbook of Research Methods in Tourism: Quantitative and Qualitative Approaches. Edward Elgar.

Aaker, D. A., & Biel, A. L. (2013). Brand equity & advertising: Advertising's role in building strong brands. Hillsdale, NJ: Lawrence Erlbaum Associates.

Martin, W. E., & Bridgmon, K. D. (2012). Quantitative and statistical research methods: From hypothesis to results. San Francisco: Jossey-Bass.

Moon, M. A. (2013). Demand and supply integration: The key to world-class demand forecasting.